Myers Industries’ (MYE) “Sell” Rating Reaffirmed at KeyCorp
KeyCorp reiterated their sell rating on shares of Myers Industries, Inc. (NYSE:MYE) in a research note released on Tuesday. KeyCorp currently has a $15.00 price target on the industrial products company’s stock. KeyCorp also issued estimates for Myers Industries’ Q4 2017 earnings at $0.10 EPS, FY2017 earnings at $0.50 EPS and FY2018 earnings at $0.59 EPS.
“We are slightly increasing our 2017 adj. EPS estimate from $0.48 to $0.50 on lower D&A expense, while we are increasing our 2018 estimate from $0.51 to $0.59 on higher EBITDA; the Company called out a better agricultural market heading into 2018 and some new food processing customers. MYE also talked about robust” M&A discussions it’s having, while acknowledging that it’s a seller’s market. Key Investment Points On our 2017 estimate, MYE is trading at an EV/EBITDA multiple of ~12x compared to the 10-year average of ~8x. MYE is generating good cash flow and making itself a more efficient company, and we think management deserves credit. That said, we don’t think these steps warrant the multiple at which the stock is trading. Consequently, we reiterate our UW rating on valuation.”,” KeyCorp’s analyst commented.
A number of other research analysts have also recently issued reports on MYE. Zacks Investment Research raised shares of Myers Industries from a hold rating to a buy rating and set a $20.00 price target for the company in a research report on Friday, August 4th. BidaskClub cut shares of Myers Industries from a hold rating to a sell rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $17.50.
Myers Industries (NYSE:MYE) opened at $20.80 on Tuesday. Myers Industries has a 12-month low of $13.20 and a 12-month high of $22.65. The stock has a market cap of $639.20, a PE ratio of 51.22, a P/E/G ratio of 14.29 and a beta of 1.78. The company has a debt-to-equity ratio of 1.62, a quick ratio of 1.10 and a current ratio of 1.56.
Myers Industries (NYSE:MYE) last issued its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.11. Myers Industries had a net margin of 1.24% and a return on equity of 12.93%. The company had revenue of $144.10 million during the quarter, compared to analysts’ expectations of $138.93 million. During the same period last year, the company posted $0.04 EPS. Myers Industries’s revenue was up 8.6% on a year-over-year basis. equities analysts anticipate that Myers Industries will post 0.49 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 1st will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.54 dividend on an annualized basis and a yield of 2.60%. Myers Industries’s dividend payout ratio is currently 234.78%.
Large investors have recently added to or reduced their stakes in the business. Thompson Davis & CO. Inc. increased its stake in Myers Industries by 44.4% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 5,656 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 1,738 shares in the last quarter. KBC Group NV increased its stake in Myers Industries by 183.5% during the 2nd quarter. KBC Group NV now owns 5,695 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 3,686 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in Myers Industries during the 2nd quarter valued at about $136,000. BNP Paribas Arbitrage SA increased its stake in Myers Industries by 99.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,637 shares of the industrial products company’s stock valued at $155,000 after purchasing an additional 4,315 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Myers Industries by 0.9% during the 2nd quarter. Arizona State Retirement System now owns 11,486 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.
Myers Industries Company Profile
Myers Industries, Inc is an international manufacturing and distribution company. The Company operates through two segments: Material Handling and Distribution. As of December 31, 2016, the Company operated 15 manufacturing facilities, 20 sales offices, four distribution centers and three distribution branches located throughout North, Central and South America.
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